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Bhutan has recently sold $22 million (about KRW 32 billion) worth of Bitcoin (BTC). Cointelegraph, citing data from blockchain analytics firm Arkham, reported on the 5th (local time) that Bhutan has transferred $22.3 million worth of Bitcoin to crypto market maker (MM) QCP Capital since last week. Cointelegraph said, "In general, transferring assets to a market maker is interpreted as a sell signal aimed at converting the asset into cash." Bhutan’s move to sell Bitcoin comes amid the recent price downtrend and worsening mining profitability. Arkham said, "After the 2024 Bitcoin halving, the cost to mine one Bitcoin roughly doubled," adding, "As a result, Bhutan’s Bitcoin mining output has recently dropped sharply." Meanwhile, Bhutan has been stockpiling Bitcoin through cryptocurrency mining operations since 2019. Bhutan’s Bitcoin holdings hit a peak of 13,295 coins on October 2024, before recently falling to around 5,700. According to Bitcoin Treasuries, Bhutan ranks seventh worldwide among countries by Bitcoin holdings.

Vitalik Buterin, co-founder of Ethereum (ETH), has sold off nearly $7 million worth of Ethereum over the past three days. According to Lookonchain on the 5th (local time), Buterin sold 2,961.5 ETH over the last three days. The average selling price was $2,228 per ETH, bringing the total sale to about $6.6 million. Lookonchain said, "(Vitalik's) selling appears to still be ongoing." Buterin’s move to sell Ethereum appears to come amid the recent downturn in the crypto market. According to CoinMarketCap, Ethereum’s price has plunged more than 35% over the past month. On the day, it fell more than 8.5% in a single session, sliding to the $2,000 level. Institutional money is also flowing out. According to SosoValue, U.S. spot Ethereum exchange-traded funds (ETFs) saw $79.5 million in outflows on the day, flipping to net outflows in just one day. Spot Ethereum ETFs recorded net outflows for three consecutive months on a monthly basis from November last year through last month.

Bitcoin (BTC) rose above $71,000. According to CoinMarketCap on the 5th, as of 4:23 p.m. that day, Bitcoin was trading at $71,183.04, down 6.77% from the previous day. Compared with a week earlier, it marks a 19.27% plunge. The Korea premium remained in the 0% range. According to Crypprice, as of 4:23 p.m. that day, the Korea premium was tallied at 0.48%.

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